Newsbrief

QIT formed to ensure quality constructionLahore (Staff Reporter): Amjad A. Khan, MD NESPAK, has urged the newly formed in-house Quality Inspection Team (QIT) to ensure quality of construction on fast-track projects going on under the supervision of NESPAK at various parts of the country. The MD stated that NESPAK has been providing world-class Engineering Consultancy Services on many projects of great National Importance like 6600MW Gadani Power Park Project, Azadi Chowk Interchange Lahore, Rawalpindi-Islamabad Metro Bus Project, Quick Impact Projects etc,. These projects being constructed on fast-track basis are lifeline for Pakistani economy and no compromise can be made on the quality of these nation building projects. Fast-track construction doesn’t mean low quality construction, rather it involves performing more activities in the same time in coordinated and controlled way in order to complete a job much earlier than normal period, he added. This may include awarding of the project in the form of different packages.The QIT has been formed to ensure durability, maintainability and quality of construction on these fast-track projects. Fast-track projects are undertaken by working round-the-clock, wherein special attention is required to ensure quality of construction through third party in-house validation.

Funds released for textile schemesKarachi (Staff Reporter): Ministry of Textile Industry has released funds to make payments during current financial year under Export Finance Mark-Up Rate Facility and Mark up Rate Support for Textile Sector against Long Term Loans. A circular letter issued by the SBP says that funds have been released for payment of 100% Export Finance Mark-up Rate Facility for the period 01-09-2010 to 28-02-2011, and for payment of 100% Mark up Rate Support for Textile Sector against Long Term Loans for the period 01-03-2011 to 31-08-2011.Banks/DFIs may lodge separate claims for Mark up Supports under above schemes of the Government of Pakistan, for the period mentioned, keeping in view the terms and conditions of each Scheme. Duly completed claims on prescribed formats may be lodged with the concerned offices of SBP-BSC (Bank) up to May 07, 2014.

No change in LPG priceslahore (Staff Reporter): State owned LPG Producers OGDCL and PARCO have left their prices for April unchanged at Rs 75,000 and Rs 75,500 per ton respectively (exclusive of taxes). This is the sixth month in a row that prices have been kept unchanged at this level and are currently USD 55 per ton below the Saudi Aramco Contract Price. “Retail prices are expected to remain stable at Rs 110 per kilo in Sindh and Balochistan, Rs 120 per kilo in Punjab, Rs 125 per kilo in AJK and KP and Rs 130 per kilo in GB and Northern Areas” said Belal Jabbar the spokesman for the LPG Association of Pakistan. The Federal Government is keen to reduce LPG prices following the recent increase in LPG Production from MOL’s field of Makori which commenced supplies last month.

Mobile phone users reach 132m: PTAISLAMABAD (APP): PTA on Thursday announced that number of mobile phone users has reached 132.33m by January 2014. As a result, total cellular phone tele-density reached 77pc till the reported period. All cellular operators, added 538,290 subscribers in December 2013 while another 821,339 subscribers were added in January 2014. Mobilink is leading the market with 37.72m subscribers followed by Telenor with 33.75musers. Ufone stood third with its 25.03m subscribers while Zong added 24.36m subscribers and Warid settled with 12.82m subscribers by January end.During last two reported months, Telenor added 730,193 subscribers on its network to lead the race while Zong added 648,523 subscribers during December 2013 and January 2014.Ufone added some 25,314 subscribers during reported duration while Mobilink managed to record a net addition of 4,604 subscribers during this time. Warid posted a net loss of 49,005 subscribers during these two months.

SBP-held reserves rise by $746mKarachi (Staff Reporter): The total liquid foreign reserves held by the country stood at $9,864.2 million on March 28, 2014. The break-up of the foreign reserves position showed that foreign reserves held by the State Bank of Pakistan were $5,171.6 million while net foreign reserves held by banks were 4,692.6 million. During the week ending Mar 28, SBP’s liquid FX reserves increased by $746 million to $5,172 million compared to $4,426 million in the previous week. The increase in the central bank reserves is attributed to receipts of $611 million from multilateral and bilateral sources, which includes $556 million received from IMF. During the week, total official payments were $215 million.